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Kr335
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Last Activity: 15-06-2021, 14:27 PM
Joined: 10-06-2021
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  • Kr335
    replied to Do I need to pay capital gains tax here?
    Hi Andrew,
    it was not valued in 2012. but based on sold listings of the same type/size of house on my same street - they are roughly all the same price between £87-91k around that timeline.
    My neighbours house also sold for £92k in 2019. That’s the last comparable I have for this style...
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  • Kr335
    replied to Do I need to pay capital gains tax here?
    Thanks everyone.

    So irrespective of the fact the house was originally purchased in 2003 for £15-16k (it was a discounted purchase) - the value for the purposes of measuring the gain, is taken from the value of the house at the moment of transfer to me in 2012, which would have likely been...
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  • Kr335
    replied to Do I need to pay capital gains tax here?
    And would this not be covered under the CGT allowance of roughly £12k per year? So I’d pay nothing if the total tax due was £7,400? Or have I misunderstood....
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  • Kr335
    replied to Do I need to pay capital gains tax here?
    Okay, so that I understand it correctly, if the house is now worth £90k and the last house price was £16k in 2003.

    The rise in value has been about £74k. If I buy a second home to move into and rent this out for a couple of years - say 5 for talking sake.
    If I then decide to sell...
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  • Kr335
    started a topic Do I need to pay capital gains tax here?

    Do I need to pay capital gains tax here?

    Long story short, my mother purchased a council house back in 2003 for £16,000. At the time, the house was probably worth £90k but I believe there was some council scheme back then to encourage council tenants to get on the property ladder - there were discounted sale options (Glasgow, Scotland)....
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